Competition Among PSPs Unhealthy

Iran’s payment industry is beset by unhealthy competition between payment service providers and the fallout of a volatile foreign currency market, the managing director of Fanava Card Company said. “Lack of healthy rivalry among e-payment companies, fluctuations in rial’s value that have made it difficult to procure the required equipment and set up infrastructures, as well as a shortage of skilled workforce, are the biggest challenges facing the payment industry,” Ali Norouzi also told IBENA on Wednesday. Norouzi noted that some PSP firms are competing to boost demand for their POS devices by lowering the service fees.